Morgan Stanley is calling the top of China’s stock rally.
The brokerage predicts the Shanghai Composite Index will fall between 2 percent and 30 percent over the next 12 months, according to Jonathan Garner, Morgan Stanley’s chief Asia and emerging market strategist. The Shanghai Composite declined 2.7 percent at 9:48 a.m. to its lowest level in five weeks, while the ChiNext gauge of smaller companies fell more than 20 percent in Shenzhen from its June 3 record.
